The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1887-12-07
THE NATIONAL BANKS.
Annual Report to Congress of the Comp
troller of the Currency.

trOller of the Currency.
The annual report of the Comptroller of the,
Currency shows tina. the total number Of ma
Ional banks organized up to Oct. 81 was 3,S05,
Of which 62j have gone into voluntary hquida-
ton, l19 have failed, leaving in operation at.
that date 3,061. The total number of new banks
formed during the last year was 225; total num-
Der closed during the year. 80, OF which % went
into voluntary liquidation and failed.
The gross increase in national bank capital
during the year amounted to So, 1874, 775, of
which So, Sos, 0o5 represents increase OF cap
ital by banks existing Nov i, 1856. There was.
however, a decrease OF capital Of &, 32z, 49, of
which "A, 0S7, 450 was the aggregate capital Of
the thirty three banks which went into volun-
tary liquidation and failed, and the remainder
represents decrease OF capital by banks still
in operation. The net increase of capital for
the year is therefore s3o.5I2,S2j
On the other hand there is q net decrease of
$50, 495, 800 in the circulation represented by
bonds. The decrease resulting from the sur
render of circulation by banks still in operation
is S57,770 AIS, and the decrease caused by banks
going into voluntary liquidation and failing is
Sl2l, $50, making gross decrease of $50 044. s33,
onset by a total increase of SS,549, 265, which
consists OF an increase by the formation ofhew
banks OF S,592. go and an increase Of circula-
ton by previously existing banks to the amount
of 49, IT'S
In the cases Of four o; the five banks which
failed the creditors have received principal and
interest in full, and in case OF tue a tn the to-
tai OF dividends amounts to 81 per cent. The
total amount OF money paid in dividends dur
ing the last year is 81, Jog. 2O3; whole amount
paid to creditors OF insolvent banks since the
system has been in operation is s2) 434 1886, upon
proved claims amounting to s4S, 9SS, 1888; total
assessments on stockholders, 50, 945, go, of
which gross collections have amounted to
S4,682,56
The Comptroller submits codifcation of the
banking laws. He recommends that the mimi
mum amount Of bonds TO be deposited by Q
bank as security for circulation shall be 10 per
cent OF the capital of banks not over $4,000,
and SIS, 0v0 for banks OF which the capital ex-
ceeds $3.50 90 also that the seini-annuai duty
on circulation be hereafter charged only ON the
amount issued upon bonds deposited in excess
of the minimum amount as above also that
the national bank notes be counted as a part Of
the lawful reserve of banks.
The existing laws as to the responsibility OF
officers of banks are M dihed by this code so
to avoid existing obstacles to their prompt
enforcement. The restriction on banks to
making loans in excess Of ten per cent. Of capt.
tai TO any one party is modified in respect to
loans upon collateral security, and the total
limit is raised TO twenty per cent Of capital and
surplus. The provisions as TO reserve upon de-
posts are modified so as not to include Gov
eminent deposits, and the provision to State
taxation Of national banks Is also modified,